Bitcoin Slides Below $90,000, ETF Investors Face First Major Losses
Bitcoin fell below $90,000 for the first time since April, erasing most gains made in 2025 and pushing average spot ETF investors into losses. The flow-weighted average cost basis across all ETF inflows stands at approximately $89,600, a level Bitcoin breached during trading in Asia. This decline caused ETF drawdowns to reach $3.29 billion from its peak, with outflows totaling $254.51 million on November 17, primarily led by BlackRock's IBIT and redemptions in GBTC and ARKB.
Bitcoin dominance dropped below 60% for the first time in over a month, with Ether also falling below $3,000 and other cryptocurrencies like XRP, BNB, and Solana declining between 3% and 5.6%. On-chain data indicates that long-term holders increased their BTC holdings from 159,000 to 345,000 since October 6, marking the largest accumulation in recent cycles and suggesting that supply absorption is ongoing.
Market analyst Ki Young Ju commented that the current dip reflects long-term holders rotating coins among themselves, while ETFs and new liquidity channels are changing the market's structure. Plan C projects 2026 will be a bull year for Bitcoin and views the recent movement as a short-term correction lasting one to three months. The market capitalization remaining above $1 trillion reduces the zero-discount risk.
Critical price levels include a fall below $92,000, which would indicate the end of the current rally, while a breakout above $105,000 is necessary to resume upward growth. If macroeconomic conditions improve, Bitcoin could reach approximately $111,000 to $116,000 by year-end and $130,000 to $140,000 in the first quarter of 2026.
Cameron Winklevoss, co-founder of Gemini, suggested that this might be the last opportunity to buy Bitcoin below $90,000, viewing the dip as a potential buying opportunity.
